For a while there, it really looked like higher interest rates were going to kill off technology stocks. But maybe they won’t.
How different things look now. The tech-heavy index is up 34% in 2023. It hasn’t recouped all of last year’s losses, but it’s well on its way. And, to be sure, it hasn’t had a great August, and September is historically bad as well. But the Nasdaq is up 4% over the past four days, its biggest gain over a comparable period since March.
The surprise is that the immovable object of Fed hikes appears to have met its match in the unstoppable force of tech.*** Join Barron’s senior managing editor Lauren R. Rublin and associate editor for technology Eric J. Savitz today at noon when they discuss the outlook for tech companies and individual stocks. Sign up here.
What’s Next: Acting Labor Secretary Julie Su said she kept hearing from people who are working long hours for no extra pay. The rule could cost employers $1.2 billion to implement the first year, and boost wages by $1.2 billion, the Labor Department estimates.***Airline Delays Are Growing. Weather Doesn’t Help.
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